Cash was not well established yesterday with a soft/lower tone. The carcass jumped by $2.69, outperforming in one session the losses from last week. Futures are attracting new selling with open interest surging by nearly 2,800 yesterday on the plunge lower. IMO this is likely a bear trap as the fundamentals remain bullish. IMO futures are likely carving out a bottom. We are working with new bullish strategies. Two of them are marginable positions with the third simply buying July calls. The situation in China gets more bullish every day. Don’t let the poor futures action fool you into thinking otherwise.
These are not my comments, they are Dennis's thoughts. I posted them because that is almost what I said yesterday, and I thought I shouldn't have posted them as I may look like a fool!! A good day to all,
Dewey